DBL vs SPY
DoubleLine Opportunistic Credit Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. DBL offers more diversification with 571 holdings.
Side-by-Side Comparison
| Metric | DBL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.46% | 0.09% | |
| AUM | $290M | $821.1B | |
| Dividend Yield | 9.07% | 1.01% | |
| Holdings | 571 | 505 | |
| YTD Return | -1.66% | +14.24% | |
| 1Y Return | +0.19% | +21.71% | |
| 3Y Return (annualized) | +7.94% | +22.10% | |
| 5Y Return (annualized) | +1.57% | +13.21% | |
| Volatility (annualized) | 10.1% | 15.3% | |
| Max Drawdown | -45.3% | -56.5% | |
| Fund Family | DoubleLine Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jan 26, 2012 | Jan 22, 1993 |
DBL vs SPY Performance
DoubleLine Opportunistic Credit Fund (DBL) is a ETF from DoubleLine Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DBL returned +0.19% while SPY returned +21.71%. Year to date, DBL is down 1.66% versus a gain of 14.24% for SPY.
Over three years, DBL compounded at +7.94% per year against +22.10% for SPY; over five years the annualized figures are +1.57% and +13.21% respectively. Across the full 15-year window we track, SPY has the edge at +8.86% annualized vs -0.98%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.1% for DBL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -45.3% for DBL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.39. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DBL charges 2.46% per year while SPY charges 0.09%. On a $10,000 position that is $246 vs $9 annually, a gap of $237 per year that compounds over a long holding period. On income, DBL currently yields 9.07% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, DBL or SPY?
DBL has an expense ratio of 2.46% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $237 per year of difference.
Which performed better, DBL or SPY?
Over the past year DBL returned +0.19% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), DBL annualized -0.98% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, DBL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.1% for DBL. Worst drawdown: DBL -45.3% vs SPY -56.5%.
Should I hold both DBL and SPY?
DBL and SPY have a monthly-return correlation of 0.39, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, DBL or SPY?
DBL yields 9.07% while SPY yields 1.01%, so DBL currently pays the higher dividend yield.
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